Honam gets full acceptance to acquire remaining shares of Titan

December 27/2010

(bernama.com) -- South Korea's Honam
Petrochemical Corp has received full acceptance to take Titan Chemicals Corp Bhd
private, by acquiring the remaining 27.25% shares it does not own at RM2.35
apiece.

Titan shares, for which acceptance had been received by Honam after
the posting date and up to 5pm closing date on Dec 24, 2010, were listed as
27.25 per cent, representing 470.89 million shares, said Titan in a filing to
Bursa Malaysia today.

On Nov 1, 2010, Titan received a notice of unconditional takeover offer from
Honam to acquire all remaining shares (excluding treasury shares) following
Honam's sale and purchase agreement in July to buy a 72.32 per cent stake, or
1.25 billion shares, in Titan Chemicals for RM2.94 billion.

Titan is Malaysia's largest integrated olefin-polyolefin producer and one
of the largest polyolefin producers in the region.

It operates a total of 10 integrated process facilities in Pasir Gudang
and Tanjung Langsat in Johor, and also has plants in Indonesia.